SHANGHAI (Reuters) -China’s central bank has stepped up efforts to support the yuan currency this week in the wake of renewed downside pressure amid Beijing’s underwhelming measures to stabilise a faltering economy and widening yield differentials with the United States.

The People’s Bank of China (PBOC) has asked some domestic banks to scale back their outward investments through the Bond Connect scheme, sources told Reuters, adding to several recent measures aimed at propping up the Chinese yuan.

China’s yuan has lost more than 5% against the dollar to 7.2866 per dollar, becoming one of the worst performing Asian currencies. [CNY/]

Following is a list of policy moves and measures to stem yuan weakness after the local currency weakened past the closely watched 7-per-dollar level in May:

** Aug 24, 2023

Increased yuan bill sales by China’s central bank in Hong Kong helped tighten liquidity in the offshore market to help stabilise the yuan by making it expensive for speculators to short the currency, a former central banker said.

** Aug 22, 2023

The People’s Bank of China (PBOC) continued its weeks-long trend of setting the yuan midpoint firmer than market projections, which traders said pointed to Beijing’s discomfort over the yuan’s recent persistent weakness.

Tuesday’s official guidance was 1,105 pips firmer than Reuters’ estimate, the biggest such discrepancy during this round of yuan depreciation.

** Aug 21, 2023

China’s major state-owned banks were seen actively mopping up the , sources told Reuters, a move that effectively raised the cost of shorting the Chinese currency.

** Aug 17, 2023

China’s major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, sources told Reuters.

Offshore branches of the state banks were seen selling dollars during London and New York trading hours this week, according to the sources.

** Aug 17, 2023

China’s yuan moves are broadly consistent with short-term economic fundamentals as well as the market’s demand and supply dynamics, Financial News, a newspaper backed by the PBOC, said.

It reiterated that the yuan will basically maintain stable, reasonable and balanced levels in mid- to long-term.

** Aug 17, 2023

The PBOC will also resolutely prevent risks of the yuan exchange rate overshooting and fend off systemic financial risks, it said in the second-quarter monetary policy implementation report.

** Aug 9, 2023

China’s major state-owned banks were seen selling U.S. dollars to buy yuan in onshore spot foreign exchange market on Wednesday, sources told Reuters.

** Aug 1, 2023

China has maintained policy continuity and consistency and will continue to maintain the stability of the yuan exchange rate, the country’s FX regulator told Reuters.

** July 25, 2023

China’s major state-owned banks were seen selling U.S. dollars to buy yuan in both onshore and offshore spot markets in early Asian trade, sources with direct knowledge of the matter said.

** July 24, 2023

The Politburo urged a “proactive” fiscal stance, “prudent” monetary policy, a stable yuan, livelier capital markets, measures to defuse mounting financial risks, and improvements in business and consumer confidence.

** July 20, 2023

China’s major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades, sources with direct knowledge of the matter said.

** July 20, 2023

China’s central bank and foreign exchange regulator raised the cross-border macro prudential adjustment ratio for corporates and financial institutions to 1.5 from 1.25, making it easier for domestic firms to raise funds from overseas markets.

** July 5, 2023

Financial News, a publication backed by the PBOC, said in a commentary that foreign investors were net purchasers of bonds in June, and expectations in China’s foreign exchange market remain stable and cross-border capital flows are basically balanced.

** July 4, 2023

China’s major state-owned banks lowered their dollar deposit rates for the second time in a month, sources with direct knowledge of the matter said, as authorities stepped up efforts to arrest a slide in the yuan.

** June 29, 2023

China’s major state-owned banks were seen selling dollars for yuan in the onshore spot foreign exchange market, sources with knowledge of the matter said.

** June 27, 2023

China’s major state-owned banks were seen selling dollars in the offshore spot foreign exchange market, sources with knowledge of the matter said, suggesting authorities wanted to slow the pace of the yuan’s recent slide.

** June 6, 2023

A Chinese self-regulatory body overseen by the central bank asked major state-owned banks to lower the dollar deposit interest rates, sources with direct knowledge of the matter said, in a bid to shore up the weakening yuan currency.

** June 1, 2023

China’s commerce ministry asked exporters, importers and banks about their currency strategies and how a weakening yuan could affect their businesses, sources who were part of the survey told Reuters.

** May 26, 2023

China’s major state-owned banks were seen selling dollars in the onshore spot foreign exchange market on two days, sources with knowledge of the matter told Reuters.

** May 24, 2023

The yuan is unlikely to experience sharp volatility as China’s economic fundamentals, balance of payments and foreign exchange reserves are generally stable, the state-run Economic Daily said.

** May 19, 2023

China will resolutely curb large fluctuations in the exchange rate and study the strengthening of self-regulation of dollar deposits, the central bank said.

It said that it will guide expectations, correct pro-cyclical and one-sided behaviour when necessary, and curb speculation.